HomeBuy Direct

 

What is HomeBuy Direct?

HomeBuy Direct is a new purchasing scheme introduced by the Government, aimed at making new homes more affordable for those priced out of the market. 

Under the scheme you may be entitled to a loan (interest free for the first 5 years) of up to 30% of the purchase price, meaning you would only need to get a mortgage for 70% of your new home, what’s more, you may not need a deposit either.

The scheme is available for first time buyers, key workers and those returning to the market following a relationship breakdown, however further eligibility details can be found below.

 

How does it work?

Firstly you will need to identify a new apartment or house you wish to purchase.  Once you have done this you will go through an assessment procedure which will decide if you are eligible.  Should you be eligible you will be notified of the amount you will be loaned, this allows you to reserve your new home and start the mortgage application process.

The HomeBuy loan is interest free for the first 5 years, after that a fee of 1.75% applies per year, which is increased by the Retail Price Index plus 1% every year.

When you come to sell your home you repay the percentage you were loaned, which is based on the current market of your home.

 

How do I qualify?

The basic scheme qualification details are as follows, however a full set of guidelines can be found in the official buyers guide:

• The scheme is available for those who can not afford to buy and have a household income less than £60,000 per annum.
• Applicants need to be first time buyers or those looking for a new home after a relationship breakdown.
• Applicants must be able to show access to savings to pay for Stamp Duty, legal fees etc.
• Applicants must be in permanent employment or have 3 years accounts if self employed.
• Applicants can not already own a home or be named on an existing mortgage.

Where is it available?

HomeBuy Direct is now available at the following Explore Living developments:

Fusion, Chertsey, Surrey

Grand Ocean, Saltdean, East Sussex

New Meridian Village, Ramsgate, Kent

 

Contact developments directly for further details or call Central Sales on 0845 6036273.